Strong Demand and Increasing Prices Continue for Austin-area Real Estate

June 28, 2012by Brian Talley

Austin.Convention.and.Visitors.Bureau.Picture.of.DowntownAccording to the Multiple Listing Service (MLS) report released last week by the Austin Board of REALTORS®, the competition for Austin properties is intensifying. From Avery Ranch to Barton Creek West, May 2012 became the 12th straight month of sales volume increases and the fourth straight month of price increases for Austin-area homes compared to the same month of the prior year.

Twenty-five percent more single-family homes were sold in the Austin area in May 2012 than in May 2011. During the same time period, the median price for Austin-area homes was $215,000, or 10 percent more than the same month in 2011. 

Lake.Austin.Properties.Price.Increase.2012Leonard Guerrero, Chairman of the Austin Board of REALTORS®, commented, “The inventory of homes in the Austin area has been shrinking since this time last year while demand has remained strong, outpacing 2011 by double digits each month since last summer. As a result, prices are increasing as buyers compete more aggressively for available properties.”

In May 2012, the market featured 4.4 months of inventory, which was 2.4 months less than May 2011. In addition, the market featured eight percent more new listings, 23 percent fewer active listings and 20 percent more pending sales in May 2012 compared to the prior year. On average, homes spent 62 days on the market in May 2012, which is 19 days less than May 2011.

May 2012 Statistics for Austin, Texas (TX)

2,340 – Single-family homes sold, 25 percent more than May 2011.

$215,000 – Median price for single-family homes, 10 percent more than May 2011.

62 – Average number of days that single-family homes spent on the market, 19 days less than May 2011.

3,375 – New single-family home listings on the market, eight percent more than May 2011.

7,551 – Active single-family home listings on the market, 23 percent less than May 2011.

2,592 – Pending sales for single-family homes, 20 percent more than May 2011.

Austin.Real.Estate.at.Horseshoe.bay4.4 – Months of inventory of single-family homes, 2.4 months less than May 2011.

$652,520,700 – Total dollar volume of single-family properties sold, 31 percent more than May 2011.

Brian Talley of Regent Property Group is a member of the Austin Board of REALTORS®, and helps luxury home-buyers stay on top of the latest in Lake Austin real estate trends. If you’re on the lookout for Austin homes for sale, check out Austin Home Search!